Rule 120-2-34-.18 - Compensation of Administrator or Trustee(1) Each administrator, trustee or officer of the Fund, or any employee or agent of any or all of them, shall submit to the Commissioner a copy of any proposed contract entitling him or her to any direct or indirect compensation from the Fund for services performed or sales or purchases made to or for the Fund.(2) The Commissioner shall determine whether the compensation is reasonable and equitable under the circumstances and consistent with the provisions of the laws of Georgia and this Regulation. The Commissioner may accept or reject the proposed contract. The trustee, officer or administrator, or any employee or agent of any or all of them, may withdraw his or her proposed contract prior to its effective date.(3) Any forms of direct or indirect compensation to a trustee, officer or administrator or to a corporation or firm in which a trustee, officer or administrator is in any way financially interested, other than that provided by this Regulation, O.C.G.A. § 34-9-180(c), or the Bylaws of the Fund, shall be a violation of the trustee, officer or administrator's fiduciary responsibility. In such event, the Commissioner may, in addition, suspend, revoke or refuse to renew the Certificate of Authority of the Fund.Ga. Comp. R. & Regs. R. 120-2-34-.18
Ga. L. 1960, pp. 289, 305; Ga. L. 1981, pp. 1759, 1778; O.C.G.A. Secs. 33-2-9, 34-9-174, 34-9-180.
Original Rule entitled "Dividends" was filed on March 16, 1982; effective April 15, 1982, by Order of the Insurance Commissioner.Repealed: New Rule of same title adopted. F. May 9, 1990; eff. June 15, 1990, as specified by the Agency.Repealed: New Rule entitled "Compensation of Administrator or Trustee" adopted. F. Nov. 4, 1997; eff. Nov. 24, 1997.